Cryptocurrency liquidations reached $1.4 billion in the past 24 hours. Coinglass data shows.

Leveraged traders with long positions have been left reeling after the sharp decline in the price of Bitcoin – and the steepest declines among altcoins.

the Bitcoin price It fell to lows of $92,000 on Friday, meaning the world's largest cryptocurrency is now 13.4% below its all-time highs set just three days ago.

The picture has been worse among digital assets with smaller market caps.

Ethereum It fell by 16% over a 24-hour period at one point, with XRP A decline of 18% Dogecoin 26% during the same period.

One trader in the Wealth Group cryptocurrency Discord community said they believe — when combined with the recent liquidations — “we may have seen the largest liquidation event in crypto history over the last few weeks.”

On Wall Street, data from SoSoValue He appears US$680 million flowed from Bitcoin exchange-traded funds on Thursday — a record not seen since these products launched in January.

The decline in cryptocurrency markets began when Federal Reserve Chairman Jerome Powell suggested that the US central bank may cut interest rates much less in 2025 than initially thought.

The stock market also took a lot of pain, with the S&P 500, the tech-heavy Nasdaq 100 in New York, and the FTSE in London all falling.

A double-digit decline in such a short period of time will be an uncomfortable experience for institutional and retail investors new to the cryptocurrency space. but Some merchants They insisted this represented a blip on the way to new highs next year.

with Pro-crypto president Donald Trump Bitcoin is set to enter the White House in January, ETFs continue to buy Bitcoin much faster than it can be mined, and Bitcoin users say there is still plenty of reason to be bullish.

Modified by Stacey Elliott.